Alliance All-Market Advantage Fund Releases Monthly Portfolio Update

Alliance All-Market Advantage Fund Releases Monthly Portfolio
Update 


NEW YORK, May 25  /PRNewswire-FirstCall/ -- Alliance All-Market Advantage Fund,
Inc. [NYSE: AMO] (the "Fund") today released its monthly portfolio update as of
April 30, 2005.

                 Alliance All-Market Advantage Fund, Inc.

   Top 10 Equity Holdings
                              Portfolio%
    1)  Google Inc Class A         6.18%
    2)  Yahoo Inc.                 5.13%
    3)  Dell Inc                   3.94%
    4)  Qualcomm Incorporated      3.80%
    5)  General Electric Co        3.38%
    6)  St Jude Med Inc            3.28%
    7)  Electronic Arts Inc        3.28%
    8)  Juniper Networks Inc       3.14%
    9)  Alcon Inc                  3.09%
   10)  eBay Inc                   2.89%

   Security Type
                         Portfolio%
   Equities:
        Common Stock         94.96%
        Options               3.07%
   Short-term                 1.97%
   Total                    100.00%

  Sector/Industry Breakdown
                                   Portfolio%
   Technology:
        Communication Equipment         9.75%
        Computer Hardware/Storage       6.36%
        Internet Media                  6.18%
        Semiconductor Components        4.53%
        Software                        2.17%
        Computer Peripherals            1.49%
   Healthcare:
        Medical Products                8.97%
        Medical Services                5.70%
        Biotechnology                   4.72%
        Drugs                           4.59%
   Consumer Services:
        Miscellaneous                   8.41%
        Retail - General Merchandise    5.84%
        Entertainment & Leisure         1.45%
        Restaurants & Lodging           1.27%
        Broadcasting & Cable            0.96%
   Finance:
        Brokerage & Money Management    3.94%
        Insurance                       2.48%
        Miscellaneous                   1.65%
   Energy:
        Oil Service                     5.76%
        International                   0.48%
   Consumer Staples:
        Household Products              2.98%
        Cosmetics                       1.25%
        Retail - Food & Drug            1.08%
   Capital Goods                        3.38%
   Consumer Manufacturing               1.66%
   Multi Industry Companies             0.98%
   Short-term                           1.97%
   Total                              100.00%

   Total Net Assets:   $45.6 Million
   Net Asset Value:    $12.42
   Number of Holdings: 54



The foregoing portfolio characteristics are as of the date indicated and can be
expected to change. The Fund is a closed-end U.S.-registered management
investment company advised by Alliance Capital Management L. P. 

DATASOURCE: Alliance All-Market Advantage Fund, Inc.



CONTACT:  Shareholder Contact for Alliance All-Market Advantage Fund,

Inc., 1-800-221-5672



Web site:  http://www.alliancecapital.com/ 

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